Money, Jeremy Tauri: Take stock of your mental health

ong>Jeremy Tauri</strong> is an associate at Plus Chartered Accountants.

As we work our way towards something a bit more like normal, many businesses are starting to ease out of panic mode.

They've worked out how to access the next round of the wage subsidy, if it applies, and the relevant loans. But for many, there's another aspect of their recovery that's not being so well catered for: Their mental health.

You can't overstate the impact of having your business suddenly knocked off course by something you never saw coming. In some cases, people's client bases completely disappeared overnight and they were left wondering how they would keep a roof of their heads, and pay their staff.

Even though some of that financial pressure may now be under control, the stress remains for a lot of people.

If you're worried about your mental health, there are a few things you can do.

Seek advice: You could look for a business mentor or adviser to help you feel more confident about your business plan. You could also seek professional help from a counsellor or emotional coach.

Network and talk to others in a similar position: You may be surprised at how many of your business contacts are struggling with similar concerns.

Talk to your bank and anyone you owe money to: If you're worried about meeting your debt repayments, or other commitments, get ahead of the situation. Explain what's happening and what you expect to be able to pay, and when.

Share your concerns with your family: Don't hide your worries from the people you love. Share your concerns so that you can be supported by those closest to you.
Check whether more assistance is available: Your accountant should be able to guide you on whether you've made the most of all the support that is currently available for your sector.

Some of the best advice I've heard is that if you're feeling out of control of a situation to ask yourself if what you're doing is harmful or helping to put yourself back into the driver's seat of decision making.

Jeremy Tauri is an associate at Plus Chartered Accountants.